1. Berkshire Hathaway for global infrastructure, real estate, and renewable energy.

2. BlackRock for alternative investments like private equity, infrastructure, and real estate.

• Real Estate Investment Management: Managing and developing a global portfolio of office, retail, industrial, and residential real estate assets for investors.
• Infrastructure Investment Management: Investing in and operating essential infrastructure assets worldwide, including utilities, transportation, data, and energy infrastructure.
• Renewable Power & Transition Investment Management: Developing, owning, and operating large-scale renewable power generation assets and investing in decarbonization technologies.
• Private Equity Investment Management: Acquiring and operating businesses across diverse industries globally to enhance their value and generate returns for investors.
• Credit Investment Management: Providing and managing capital solutions across public and private credit markets, including corporate debt, real estate debt, and structured credit.
• Insurance Solutions: Offering tailored asset management and capital solutions for insurance companies, leveraging Brookfield's expertise across alternative assets.

Brookfield Asset Management (symbol: BAM) primarily sells its asset management and capital solutions services to large institutional investors and private wealth clients globally.

Due to the confidential nature of client relationships in the asset management industry, Brookfield Asset Management does not publicly disclose the specific names of its individual client companies (such as pension funds, sovereign wealth funds, or insurance companies) that invest in its funds and mandates. Therefore, it is not possible to list specific customer company names and their symbols.

However, the major categories of customers that Brookfield Asset Management serves are well-documented and comprise the following:

1. Institutional Investors: This is the largest customer segment, consisting of various entities that invest significant pools of capital for long-term objectives. These clients delegate the management of their assets to Brookfield. They include, but are not limited to:

   • Public and Private Pension Funds (e.g., state pension plans, corporate pension plans)
   • Sovereign Wealth Funds (government-owned investment funds that manage national reserves)
   • Endowments and Foundations (e.g., university endowments, charitable foundations)
   • Insurance Companies (investing premiums to meet future claims)
   • Other Financial Institutions (e.g., fund-of-funds, family offices acting as institutional investors)

2. Private Wealth Clients: This segment comprises high-net-worth individuals (HNWIs) and family offices. These clients seek access to Brookfield's alternative investment strategies for their substantial personal wealth, often through dedicated wealth management channels, private banking platforms, or direct partnerships.

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The key risks to Brookfield Asset Management (BAM) primarily stem from its business model as a global asset manager focused on real assets, market sensitivities, and its complex corporate structure.

1. Dependence on Fee-Bearing Capital Growth and Market Sentiment: Brookfield Asset Management's profitability is highly reliant on the growth of its fee-bearing capital and positive investor sentiment. A slowdown in this growth, or a shift in investor confidence, could lead to contracting valuation multiples and directly impact the company's fee-related earnings.
2. Vulnerability to Real Asset Market Downturns and Interest Rate Fluctuations: As a significant investor across real estate, renewable energy, and infrastructure, Brookfield Asset Management is exposed to the cyclical nature and volatility of these markets. A downturn, particularly in commercial real estate, could erode property values and disrupt cash flows. Furthermore, rising interest rates and a more cautious lending environment can increase borrowing costs, thereby limiting the company's ability to finance new deals and constrain future growth opportunities.
3. Complexity of Corporate Structure and Contagion Risk: The intricate corporate structure of Brookfield, characterized by numerous subsidiaries and spin-offs, creates complexity for shareholders. This can lead to potential valuation discounts and reduced transparency in assessing its true underlying performance. This interconnected web of entities also presents a risk of financial or legal contagion, where distress in one part of the corporate pyramid could spread to other dependent entities.

Addressable Markets for Brookfield Asset Management's Main Products and Services

• Real Estate: The global real estate market size was valued at approximately USD 4.06 trillion in 2024 and is projected to reach USD 7.84 trillion by 2033, exhibiting a compound annual growth rate (CAGR) of 7.6% from 2025 to 2033. Another estimate places the global real estate market size at USD 4.13 trillion in 2024, anticipated to grow to USD 5.85 trillion by 2030, with a CAGR of 6.2% from 2025 to 2030. A different source reports the global real estate market size as USD 7,384.14 billion in 2024, with a forecast to reach USD 8,690.66 billion by 2033.
• Infrastructure: The global infrastructure sector market was valued at approximately USD 2.56 trillion in 2023 and is projected to grow to around USD 4.69 trillion by 2033, with a CAGR of 6.24% between 2023 and 2033. Another estimate for the Infrastructure Sector Market size is USD 2.89 trillion in 2025, expected to reach USD 3.92 trillion by 2030, at a CAGR of 6.27% during the forecast period. The global infrastructure market is also reported to be valued at USD 2.7 trillion.
• Renewable Power & Transition: The global renewable energy market size was valued at USD 1,498.05 billion in 2024 and is expected to register a CAGR of 14.6% from 2025 to 2034. Other estimates show the global renewable energy market size at USD 1.51 trillion in 2024, projected to reach USD 4.86 trillion by 2033, growing at a CAGR of 14.9%. Another valuation for 2024 is USD 1,020.94 billion, with a projection to reach USD 1,574.18 billion by 2032.
• Private Equity: The global Private Equity market, in terms of assets under management (AUM), reached approximately USD 5.3 trillion in 2023 and is expected to reach USD 6 trillion by the end of 2024. Other sources focusing on market value rather than AUM report the global private equity market size as USD 787 billion in 2024, estimated to reach USD 1,670.43 billion by 2033.
• Credit: The global private credit market has surpassed US$3 trillion in assets under management (AUM) as of November 2024. Corporate lending accounts for about 60% of this, while asset-backed, real estate, and infrastructure debt comprise approximately 40% of the market. In 2023, global private credit assets under management were US$2.1 trillion.

Brookfield Asset Management (BAM) is positioned for robust revenue growth over the next two to three years, driven by several strategic initiatives and favorable market trends. Key drivers include:

1. Expansion of Fee-Bearing Capital Through Record Fundraising: Brookfield Asset Management has consistently demonstrated strong capital raising, with significant inflows across its diverse strategies. For instance, the company reported raising $30 billion in the third quarter of 2025, contributing to over $100 billion in total inflows over the past 12 months, marking its highest organic fundraising pace ever. This expansion of fee-bearing capital, which reached $581 billion in Q3 2025, directly translates into increased fee-related earnings for the company. Future fundraising for 2026 is anticipated to surpass 2025 levels, particularly with infrastructure and private equity flagships in the market.
2. Strategic Investments in AI Infrastructure: A significant driver of future revenue growth is Brookfield's strategic focus on artificial intelligence (AI) infrastructure. The company is launching a dedicated AI infrastructure fund to capitalize on the estimated $7 trillion AI-related infrastructure investment opportunity over the next decade. This initiative involves building gigafactories for hyperscalers and sovereign AI counterparties, leveraging Brookfield's expertise in digital infrastructure, advanced manufacturing, and power capabilities across various energy sources.
3. Growth in Private Wealth Channels and New Product Offerings: Brookfield is actively expanding its reach into private wealth channels, recognizing this as a major growth driver. The company is evolving its platform to offer new and adjacent products that meet the evolving needs of the individual investor market, including high-net-worth clients and the retiree market through annuities and 401k products. This diversification of its investor base and product suite is expected to bolster organic growth.
4. Enhanced Credit Capabilities and Oaktree Acquisition: The full acquisition of the remaining 26% interest in Oaktree Capital Management is expected to significantly enhance Brookfield's global credit platform. This integration will deepen collaboration across their businesses, drive greater efficiency, and enhance the value delivered to clients and shareholders, with Oaktree, Just Group, and Angel Oak collectively projected to add $200 million to fee-related earnings. Brookfield has also been expanding its credit origination capabilities, which is anticipated to further support organic growth.
5. Leveraging Global Megatrends in Infrastructure and Renewable Power & Transition: Brookfield is well-aligned with major societal trends, particularly the increasing demand for clean energy and essential infrastructure. The company's focus on infrastructure and renewable power continues to drive its performance, positioning it as a leader in these sectors. This includes significant capital deployment in renewable energy and the transition to sustainable solutions, as well as investments in utilities, transport, midstream, and data infrastructure. These long-duration, inflation-protected revenue streams from real assets are expected to deliver stable and compelling long-term value.

Share Repurchases

• Brookfield Asset Management Ltd. announced a normal course issuer bid in January 2025 to repurchase up to 37,123,295 Class A limited voting shares, representing 8.38% of its issued share capital, with the bid expiring on January 12, 2026.
• A similar share repurchase program was authorized in January 2024 to buy back up to 34,605,494 Class A shares (8.38% of issued capital) by January 10, 2025; however, no shares were purchased under this prior bid as of January 6, 2025.

Share Issuance

• In February 2025, Brookfield Asset Management Ltd. completed an arrangement to acquire approximately 73% of Brookfield Corporation's (BN) asset management business, issuing 1,194,021,145 new Class A Limited Voting Shares of BAM in exchange. As a result, BAM had a total of 1,637,198,026 Class A Shares issued and outstanding.

Inbound Investments

• A significant corporate restructuring occurred in February 2025 when Brookfield Asset Management (BAM) acquired Brookfield Corporation's (BN) 73% private interest in its asset management business in exchange for BAM Class A Shares. This transaction simplified BAM's corporate structure, enhanced governance, and gave BAM 100% ownership of the asset management business.

Outbound Investments

• In 2024, Brookfield Asset Management deployed $48 billion of capital, including $3.2 billion for the acquisition of Neoen, a global renewable development business, and an $850 million investment into Origis Energy, a U.S. renewable energy developer.
• During Q2 2025, nearly $30 billion of equity capital was deployed, including over $900 million for the acquisition of National Grid's US Renewables business and $3.5 billion in real estate, which encompassed acquisitions of Generator Hostels and a Singapore industrial portfolio.
• In Q3 2025, deployments totaled $23 billion, featuring strategic acquisitions such as Hotwire Communications ($3.8 billion) and Colonial Enterprises ($3.4 billion). BAM also announced an agreement to acquire the remaining interest in Oaktree for approximately $3.0 billion, with BAM funding approximately $1.6 billion.

Capital Expenditures

• As of December 31, 2024, Brookfield Asset Management Inc.'s capital expenditures amounted to -$41 million USD.
• The company's capital expenditures growth was 0% over the last year.
• Brookfield Asset Management operates as an "asset-light investment manager" with its earnings primarily derived from stable, predictable fee-related revenue, indicating a business model with minimal need for direct capital reinvestment.